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("Assignment of Rents"). The disbursement of proceeds of the <br />( loan covered by this Note is subject to the terms and <br />conditions of the Disbursing Agreement between the Lender, the <br />City and the Company ("Disbursing Agreement"). <br />8 The holder may extend the times of payment of <br />interest and/or principal of or any penalty or premium due on <br />this Note, without notice to or consent of any party liable <br />hereon and without releasing any such party. <br />9. If the interest on this Note should become <br />subject to federal or Minnesota state income taxation pursuant <br />to a "Determination of Taxability" (as that term is defined in <br />Section 5.03 of the Loan Agreement), upon receipt by the <br />Borrower from the Lender or any other holder(s) hereof of <br />notice of the "Determination of Taxability," either (a) the <br />Company shall elect in writing within 30 days thereafter to <br />prepay without penalty all, but not less than all, of the then <br />outstanding Principal Balance of the Note plus accrued <br />interest and costs of the Lender in connection with such <br />prepayment; or (b) the interest rate shall be immediately <br />increased to eleven percent (11%) per annum, and each monthly <br />installment thereafter payable shall be accordingly increased <br />to amortize the remaining Principal Balance by.the-Final <br />Maturity Date with interest at said increased rate; and in <br />addition the holder hereof shall be entitled to receive an <br />amount equal to--the-aggregate differences between (i) the <br />monthly payments theretofore made to the Holder hereof between <br />the "Date of Taxability" (as that term is defined in the Loan <br />Agreement) and the effective date of the rate increase and <br />(ii) the monthly payments which would have been made during <br />such period if the increased rate had been in effect during <br />such period; all as provided in Section 5.03 of the Loan <br />Agreement. <br />10. In addition to prepayment under paragraph 9 <br />above, this Note is subject to prepayment, without a penalty, <br />in whole or in part, upon the occurrence of certain events of <br />damage, destruction or condemnation to the Project, as <br />specified in the Loan Agreement and Resolution. <br />11. All or any part of the principal of this Note is <br />further subject to prepayment, without penalty, on any <br />installment payment date. Partial prepayments shall be <br />applied first to accrued interest with the balance applied to <br />installments of principal in the inverse order of their <br />maturity. <br />W <br />